Revenue from e-commerce services was US$12.0 million for the first quarter of 2012, a substantial increase from US$0.10 million for the same period in 2011. The increase came mainly from SouFun card membership services. We started offering SouFun card membership service to property buyers to enhance their transactions with property developers since the second quarter of 2011. This has been tested very effective in primary property transactions under competitive market conditions.Since 2012 we have changed the classification of revenue in our consolidated statements of income by reclassifying revenue from SouFun card membership service from other value-added services to e-commerce service. We believe this reclassification provides better operating information and is in line with current development of our business.
SouFun Announces Unaudited First Quarter 2012 Results
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